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Bankinter profits hit by bad Spanish property loans

Date : (News Section: Spain)

Bankinter profits hit by bad Spanish property loans
The profits at Bankinter plummeted by 77 per cent, the company revealed yesterday, due to provisions to cover possible losses resulting from bad real estate loans.

Reuters reported the financial institution has now set aside €275.2 million (£214.8 million) to protect itself from toxic Spanish property assets.

Chief executive at the firm Maria Dolores Dancausa said the decision to make these provisions now, rather than later in the year, will give Bankinter "a competitive advantage".

She added that the bank has no intention of requesting any public funds to bolster its position and she is confident the organisation will pass the stress tests due in a few months.

According to the news provider, finance ministers from the eurozone will approve the bailout fund for Spain's banks today (July 20th).

An official told the news agency the draft will be endorsed, while further details about the recapitalisation and restructuring of individual banks will be put together later in the year once the stress tests have been concluded in September.

Article by +Steve Binge on behalf of

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